Dating the integration of world capital markets
One of the major global processes is the process of internationalization of economic activity, which is often called "globalization." However, the deadline is still far mistkishyy because not only includes the internationalization of social production, but also of global problems affecting all aspects of existence of the international community.
The process of internationalization of economic activities based on further deepening international division of labor, ie the strengthening of specialization and cooperation, because the latter - a downside increasing specialization.
In modern conditions when there was demonetization of gold and money with a credit nature, there is an objective need to strengthen cooperation between countries concerning monetary relations.
This process of globalization in the economic domain has not always proceeded smoothly.
Nor has it always benefited all whom it has affected.
In a closed economy, the infinite-horizon and the overlapping generations (OG) model prescribe diametrically opposite policies on factor taxation: the former argues that the growth-maximizing capital income tax rate should be set to zero, whereas the latter argues that it should be set as high as possible.
This note investigates the issue by taking into account global capital market integration.